Brookdale Senior Living Inc. (NYSE: BKD) announced today that the Company has entered into an Amended and Restated Credit Agreement. The amended agreement increases the commitment under the credit facility from $120 million to $200 million and extends the maturity date to January 31, 2016. GE Capital, Healthcare Financial Services, acts as administrative agent, and Royal Bank of Canada, Bank of America and Mubadala GE Capital participate as lenders under the line of credit. GE Capital Markets arranged the financing.
The credit facility is secured by first priority mortgages in certain of the Company’s properties. The availability under the line may vary from time to time based upon the value and performance of the communities securing the facility. The revolving line of credit may be used to finance acquisitions, and to fund working capital, capital expenditures and for other general corporate purposes.
Bill Sheriff, Brookdale’s CEO, commented, “We are pleased that GE Capital and the other line lenders have agreed to provide this expanded financing facility for Brookdale. The expansion of the credit line is part of our strategy to use positive cash flow to delever the Company’s balance sheet while simultaneously creating financial flexibility to pursue opportunities as they arise. To that end, we plan to increase the borrowing base under the line to approximately $182 million in the near future by pledging certain communities that either have been recently acquired or have become unencumbered through recently announced transactions.”
Brookdale Senior Living Inc. is a leading owner and operator of senior living communities throughout the United States. The Company is committed to providing an exceptional living experience through properties that are designed, purpose-built and operated to provide the highest-quality service, care and living accommodations for residents. Currently the Company owns and operates independent living, assisted living, and dementia-care communities and continuing care retirement centers, with 560 communities in 34 states and the ability to serve over 51,000 residents.
For more information regarding Brookdale and to be added to our email distribution list, please visit www.brookdaleliving.com.
About GE Capital, Healthcare Financial Services
With over $17 billion invested in more than 30 sub-sectors including senior housing, hospitals, pharmaceuticals, and medical devices, GE Capital, Healthcare Financial Services is a premier provider of capital and services to the healthcare industry, with investments in more than 30 sub-sectors including senior housing, hospitals, pharmaceuticals, and medical devices. Our team of professionals provides deep industry expertise to create business and financial solutions tailored to meet the individual needs of our customers. For more information, visit gecapital.com/healthcare.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. Visit ge.com.
Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Those forward-looking statements are subject to various risks and uncertainties and include all statements that are not historical statements of fact and those regarding our intent, belief or expectations, including, but not limited to, statements relating to our plans to deleverage and our plans to pledge additional communities and increase the borrowing capacity under the line of credit. Words such as “expect(s)” and similar expressions are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements. We can give no assurance that our expectations will be attained. Factors that could cause actual results to differ materially from our expectations include, but are not limited to, the risk associated with the current global economic crisis and its impact upon capital markets and liquidity, the risk that we may not be able to extend (or refinance) debt as it matures, the possibilities that changes in the capital markets, including changes in interest rates and/or credit spreads, or other factors could make financing more expensive or unavailable to us, our ability to obtain additional capital on terms acceptable to us, the risk that we may not be able to finalize the documentation for the pledge of the additional communities in accordance with our expectations, and the other risks detailed from time to time in our filings with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
SOURCE Brookdale Senior Living Inc.
CONTACT: Ross Roadman, Nashville, +1-615-564-8104
Web Site: http://www.brookdaleliving.com
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